It wasn't so long ago that unveiled the Boss 302R at the 2010 Detroit Auto Show. It was a fully caged and bare bones race car made a lot of enthusiasts hopeful for a street going variation as the race-car was limited to a production run of only 50. It's been confirmed today in Monterey, California, 41 years later after the initial introduction of the first Boss in 1969, that there will indeed be a new Ford Mustang Boss 302 for 2012.

The original Boss 302 came into existence for homologation rules in SCCA's Trans-Am racing series back in 1969. It won with Parnelli Jones behind the wheel in 1970. But today Ford's not trying to beat the Camaro at the track in formal competition; instead they've targeted the Germans, specifically the . A car that until recently would have easily been considered in a different class, and stiff competition to even an SVT Shelby prepped car. But Ford has benchmarked it and claim to lap Mazda Raceway, Laguna Seca, quicker.

In honor of this and the fact that Parnelli Jones won the 1970 T/A race at Laguna Seca, there will be a Boss 302 Laguna Seca Model offered in limited quantity. As one might expect the 2012 Boss 302 will use many of the parts developed for the track dedicated 302R, but remain 100-percent street legal.

Mustang Chief Engineer, Dave Pericak says, "The team at Ford wanted to offer their fellow enthusiasts something really special – a beautifully balanced factory-built race car that they could drive on the street...this is a front-to-back re-engineered Mustang with every system designed to make a good driver great and a great driver even better."

A revised intake and cam grind bumps the already potent 5-liter V-8 making stock 412-bhp to 440 horsepower and 380 lb.-ft. of torque. The intake contains internal velocity stacks that should make wonderful noise when revving high on the new cams. But thanks to the engines stock twin variable valve timing the idle should remain smooth, and the powerband broad.

Rounding out the drivetrain improvements are a tougher clutch, short-throw shifter, 3.73 final drive and stock limited slip differential with carbon fiber plates. But for those who want just a bit more race in their Boss a torque-sensing differential and Recaro seat package is available. Every Boss comes with adjustable dampers that require a small screwdriver to adjust, just like back in 1969. The suspension has been stiffened and the rear anti-roll bar enlarged. The supervisor of the Mustang vehicle dynamics team, Brent Clark, has this to say, "We've given drivers five settings for their shocks. One is the softest, two is the factory setting and five is the firmest, and we've provided a wide range of adjustment. A customer can drive to the track on setting two, crank it up to five for improved response on the track, then dial down to one for a more relaxed ride home. What's unique is that drivers will find – thanks to the way the suspension works as a complete system – the softest setting isn't too loose and the firmest setting isn't too controlled; each step just provides additional levels of control."

A very unique feature is the quad exhaust. The two outlets at the rear are standard on the Mustang GT, but two extra outlets have been added on the side of the car, just ahead of the rear wheels. They don't flow much so as to remain legal, but can be easily opened up for increased performance, and are even designed to accept electronically controlled dump valves. This was done for those who want to modify the car for push-button sound amplification.

Highlighting the new Mustangs electric power assist steering system in the Boss is the option to configure the effort between three modes; Comfort, normal and sport. We'd like to see this feature on the Mustang GT as well, which currently only has two modes that are selected depending on the stability control settings. The Boss maintains the ABS, and stability control system of the GT, but is recalibrated for the Boss's higher limits.

Much of the raised limits come from 19-inch black alloy racing wheels shod with Pirelli PZero rubber. And Ford promises 1.0g of skidpad lateral acceleration performance. It'll need to meet that if it wants to rival the BMW M3.

Braking performance is also improved with better brake lines, performance pads and performance tuned ABS, but the rotors and calipers are the same as those offered on the Mustang GT. We had no complaint on those when last we tested it, so these should feel even better.

"The look of the Boss is recognizable to anyone familiar with Trans-Am racing," Chief Designer Darrell Behmer says. "We've taken design cues from the 1969 Boss street car and the menacing Bud Moore/Parnelli Jones race cars and carefully updated them to give the 2012 the proper bad-boy attitude that is unmistakably a Boss Mustang."

It's a big name to live up to, but this Mustang looks to have the goods. We just wish it hadn't taken so long to get it back.